Sovcomflot logs rise in 2020 net profit

Russia’s largest shipping firm Sovcomflot reported a higher full-year net profit, driven by its gas transportation business, as well as a good performance of the company’s conventional tanker fleet.

Net profit increased by 18.4 percent to $266.9 million while revenue also rose by 6.7 percent to $1.35 billion, Sovcomflot said.

Sovcomflot said its industrial business portfolio, comprising of LNG and LPG vessels and harsh environment offshore services such as shuttle tankers and ice-breaking supply vessels, accounted for a half of its TCE revenue in 2020 and “continues to provide a long-term fixed income revenue stream.”

Industrial business segments contributed $681.1 million to the firm’s full-year TCE revenue and $179.8 million to the fourth quarter.

This marked a 6.6 percent year-on-year growth and a 4.1 percent increase compared to the fourth quarter in the year before.

In addition, Sovcomflot’s gas transportation business grew with the addition of two new LNG carriers employed in February and September 2020 under long-term contracts with energy majors Shell and Total.

The firm also in January took delivery of the third vessel in a series of 174,000-cbm Atlanticmax LNG carriers Sovcomflot ordered back in 2018. This vessel started serving Shell as well.

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